Given the rapid changes in consumer tastes, technology, and competition, companies must develop a steady stream of new products and services. Briefly explain the common ways of accomplishing this.

When a new product passes functional and consumer tests, the next step is test marketing. The amount of test marketing needed varies with each new product. Provide advantages for each of the three test market methods

Provide the major sources of external new product ideas and explain why these sources offer advantages over internal sources